No Penalty can be Levied on Cash Deposits if Assessee explained Source

Deoyani Movies Pvt. Ltd. Vs ITO (ITAT Pune) No Penalty can be Levied on Cash Deposits if Assessee Explained its Source from Earlier Withdrawal and Recorded in Books of Accounts Simply because cash deposited in the bank is a little more than the cash sales, it cannot call for any addition, what to talk of penalty, unless it is proved that the excess cash deposited had no origin. Where the assessee tenders explanation that the excess cash deposit represented cash withdrawals at the earlier stages, there can be no question of making any addition and the consequential penalty, moreso when the entr...